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THE STUDENT'S STATUTES.
STATUTES RELATING TO THE COMMON LAW,
ACCUMULATION OF PROPERTY.
The Thellusson Act.
39 & 40 Geo. 3, c. 98. 1. No person shall, after the passing of this Act, settle or Periods allowed dispose of any real or personal property so that the rents, issues, ti profits, or produce thereof shall be wholly or partially accumulated for any longer than (1) the life of any such grantor or settler, or (2) twenty-one years from the death of any such grantor, settler, devisor, or testator; or (3) during the minority or respective minorities of any person or persons who shall be living, or in ventre sa mère at the time of the death of such grantor, devisor, or testator; or (4) during the minority or respective minorities only of any person or persons who, under the uses or trusts of the instrument directing such acoumulations, would, for the time being, if of full age, be entitled to the rents, issues, and profits, or the interest, dividends, or annual produce 80 directed to be accumulated.(a)
Any accumulation directed otherwise shall be null and void (6), and the rents, &c., shall, so long as the same shall be directed to be accumulated contrary hereto, go to such person or persons as
(a) Only one of the four periods can be taken : (Wilson v. Wilson, 1 Sim. N. S. 288, Rosslyn's Trust, 16 Sim. 391; Ellis v. Maxwell, 3 Beav. 595; Griffiths v. Vere, 9 Ves. 126.)
O A disposition directing an accumulation for a longer period than allowed by the Act is void only as to the excess, but should it exceed the time allowed for the creation of executory interests, it would be absolutely void : (Griffiths v. Vere, sup.)
would have been entitled thereto if such accumulation had not been directed.
2. The Act does not extend to provisions for payment of debts, for raising portions for children, or any direction touching the produce of timber or wood.
33 & 34 Vict. c. 35. Periodical pay- 2. After the passing of this Act, rents, annuities, dividends ments to be ap
and other periodical payments, in the nature of income (reserved portioned.
by writing or otherwise), shall be considered as accruing from day to day, and shall be apportionable in respect of time
accordingly. (a) When appor 3. The apportioned part of any such rent or other payment tioned part payable.
shall be payable in the case of a continuing rent or other such payment when the entire portion, of which such apportioned part shall form part, shall become payable, and in the case of a rent or other such payment determined by re-entry, death, or otherwise, when the next entire portion would have been payable if
the same had not so determined. Recovery of 4. All persons and their respective heirs, executors, admini
strators, and assigns, and also the executors, administrators, and assigns respectively of persons whose interests determine with their own deaths, shall have such or the same remedies for recovering such apportioned parts as aforesaid when payable (allowing proportionate parts of all just allowances) as they respectively would have had for recovering such entire portions
as aforesaid if entitled thereto respectively, provided that persons • liable to pay rents reserved out of or charged on lands or other
hereditaments of any tenure shall not be resorted to for any such apportioned part forming part of an entire or continuing rent as aforesaid specifically, but the entire or continuing rent, including such apportioned part, shall be recovered and received by the heir or other person who, if the rent had not been apportionable under this Act, or otherwise, would have been entitled to such entire or continuing rent, and such apportioned part shall be recoverable from such heir or other person by the executors or other parties entitled under this Act to the same by action.
(a) The Act applies to a will executed before and confirmed by a codicil executed since the passing of the Act: (Constable v. Constable, 11 Ch. D.